Insurance and Pensions

Module Title	Insurance and Pensions
Module Code	25-5020-00S
Semester of Delivery	See Module Information Table
Mandatory/Elective/Option	See Module Information Table
Level	5
Credit Points	20

Assessment Mode Weighting	Coursework	25%
	Examination	75%

Pre-requisites	None
Co-requisites	None

Class Contact Hours
Average Weekly	2.5

Directed Learning
Average Weekly	10

Module Leader	Paul Cowdell
School	Sheffield Business School
Module Banding	A
Approval Status	Validated

Rationale

Insurance and pensions have both become key elements in the portfolio of an increasingly wide range of financial services providers, and hence it is of particular value to students of financial services that they have an understanding of these areas. General insurance, long-term insurance and pensions are, in addition, areas which are seeing rapid change across a number of aspects, and an understanding of the reasons for, and impact of, these changes is instrumental in acquiring an appreciation of the evolving nature of the financial services industry as a whole.

Summary of Aims

This module aims to provide students with:
An outline of the role of insurance as a means of controlling risk;
An understanding of the major product groupings within the areas of insurance and pensions;
An understanding of the major principles underlying the provision of insurance and pension products;
An appreciation of the role and significance of insurance companies and pension funds within the financial system;
An understanding of the investment portfolios of insurance companies and of pension funds and of issues surrounding the composition of those investment portfolios;
An introduction to the major issues prevailing at that particular time relating to the development of the insurance and pensions industries.

Anticipated Learning Outcomes

On completion of this module, the student should be able to
Evaluate the role of insurance as a technique for managing risk;
explain and appraise the features and characteristics of the major groups of insurance and pension products;
Analyse the major issues surrounding the development of insurance and of pension provision;
Analyse the impact of external influences upon the management and upon the investment portfolios of insurance companies and pension funds;
Evaluate the role of insurance and pension provision within the financial services industry.

Assessment and Feedback Strategy

Assessment will be by coursework (25%) and by examination (75%).

The coursework element will be a single individual assignment designed to assess, in particular, learning outcomes 1 and 2 above and emphasising research by the student into the current provision of insurance and/or pensions.

The examination will comprise a 3-hour unseen examination designed to assess, in particular, learning outcomes 3, 4 and 5 above.

Feedback on coursework will be by means of written feedback relative to assessment criteria relating to the particular assignment set and provided to students beforehand.

Module Assessment Criteria

Learning Outcome	Assessment Criterion)	Level descriptors
Learning Outcome	Assessment Criterion)	fail	PASS	2.2	2.1	First
Outcome 1		Inadequate and/or confused evaluation of the role of insurance as a technique for managing risk.	Partial evaluation of the role of insurance as a technique for managing risk, over-reliance on description.	Broadly sound evaluation of the role of insurance as a technique for managing risk, some evidence of application to real world.	Broad evaluation of the role of insurance as a technique for managing risk, good application to real world experience.	Comprehensive evaluation of the role of insurance as a technique for managing risk, very broad and insightful application to real world experience.
Outcome 2		Insufficient explanation and appraisal of the features and characteristics of the major groups of insurance and pension products.	Limited explanation and appraisal of the features and characteristics of the major groups of insurance and pension products.	Generally complete explanation and reasonably wide-ranging appraisal of the features and characteristics of the major groups of insurance and pension products.	Very sound explanation and broad-ranging appraisal of the features and characteristics of the major groups of insurance and pension products.	Comprehensive explanation and appraisal of the features and characteristics of the major groups of insurance and pension products, strong application to real world experience.
Outcome 3		Inadequate analysis of the major issues surrounding the development of insurance and pension provision.	Incomplete analysis of the major issues surrounding the development of insurance and pension provision, limited evidence to support analysis.	Sound analysis of the major issues surrounding the development of insurance and pension provision, sound supporting evidence.	Thorough analysis of the major issues surrounding the development of insurance and pension provision, good use of evidence to support analysis.	Comprehensive analysis of the major issues surrounding the development of insurance and pension provision, well-supported with evidence from real world.
Outcome 4		Inadequate analysis of the impact of external influences upon the management and upon the investment portfolios of insurance companies and pension funds.	Some valid analysis of the impact of external influences upon the management and upon the investment portfolios of insurance companies and pension funds, limited use of evidence base.	Sound analysis of the impact of external influences upon the management and upon the investment portfolios of insurance companies and pension funds, reasonably broad use of supporting evidence.	Wide-ranging analysis of the impact of external influences upon the management and upon the investment portfolios of insurance companies and pension funds, broad use of supporting evidence.	Comprehensive analysis of the impact of external influences upon the management of investment portfolios of insurance companies and pension funds, strong use of evidence base.
Outcome 5		Inadequate evaluation of the role of insurance and pension provision within the financial services industry.	Limited evaluation of the role of insurance and pension provision within the financial services industry, some supporting evidence.	Sound evaluation of the role of insurance and pension provision within the financial services industry, reasonably broad use of supporting evidence.	Reasonably thorough evaluation of the role of insurance and pension provision within the financial services industry, broad use of supporting evidence.	Comprehensive evaluation of the role of insurance and pension provision within the financial services industry, strong use of supporting evidence.

Teaching and Learning Strategy and Methods

Lectures will be used in order to introduce and explore key areas and issues, and to provide the basis for the student's own reading and study. Seminars will be used in order to provide a means for advancing the students' understanding of elements of the module and to provide the opportunity for analysis and evaluation of those elements. Seminars will accordingly take a variety of formats, including feedback from students on the results of their own research and investigation into aspects of the insurance and pension industries.

A detailed module guide will be provided to students which will outline the week-by-week programme and which will also identify the key areas of personal study required by students. In particular, the minimum reading and study requirements prior to the seminar sessions will be fully identified.

Indicative Content

The role of insurance as a technique for managing risk.
Principles of insurance, the demand for insurance, the limits of insurability.
Features of the major groups of insurance products, both general and long-term.
Issues involved in the production and delivery of insurance products.
The regulation of insurance companies and the selling of insurance products.
Composition of insurance company asset portfolios, and the role of insurance companies within the financial services industry as a whole.
Fund management practices within the insurance industry.
Major issues facing the development of the insurance industry and the distribution of insurance products.
Structure of retirement income provision within the UK and in other European countries, US.
Features of the major elements of pension provision within the UK.
Regulation of pension provision.
Distinguishing characteristics of personal pensions, defined benefit occupational pension schemes, defined contribution occupational pension schemes.
Fund management practices within the pension fund industry.
Alternatives to conventional methods of pension provision.
Major issues facing the development of the pensions industry in the UK, and some comparison with other countries.

Sheffield Business School, Howard Street, City Campus, Sheffield Hallam University, Sheffield, S1 1WB
Student Support - All Full Time students: Student Help and Information Point, Level 1, Stoddart, City Campus Telephone 0114 225 5256
Part Time Postgraduate and Doctoral students: The Welcome Point, Level 1, Stoddart, City Campus Telephone 0114 225 2820